A whopping 80% of people in the UK struggle to make it to each paycheck due to lack of sensible budgeting, according to a study reported by CashFloat. This financial stress can lead to many overwhelming physical and mental side effects including insomnia, tense relationships, and chronic stress and anxiety. Why not rid yourself of these stressors and improve your life by creating a balanced budget. Creating a budget brings happiness NBC news reports in a new study. Through simple, sensible money management techniques you can bring happiness into your life in more ways than one.
Budgeting and Dream Building
Besides the obvious benefit of peace of mind, another way in which budgeting improves overall life and diminishes financial woes is the way in which a proper budget can help you account for and plan for future goals. By creating a budget, you can set a date for goals, establish how much to put back monthly, and prioritize spending. Make what once seemed unachievable dreams be put in your reach by planning for them. That new car you want? The apartment in the best part of the city? Budget for it and it will one day be yours.
What about that dream holiday to Jamaica you’ve been dying to take but just haven’t had the money? A sensible budget can be the road that leads you to achieving those “bucket list” travel goals as well. Travel and Leisure magazine advises that the first step to any vacation is setting a budget. This way, there will be no need to fear about surmounting credit card charges when booking flights and travel costs if it’s something you’ve proactively budgeted for.
Budgeting Can Improve Relationships
Sensible budgeting not only puts dreams in reach, but at its very core can improve familial relationships. One of the top areas of life negatively impacted by poor budgeting practices is family, reports Kate Hughes from the Independent. Not surprisingly, the burden and stress of money outwardly affects the world around you; smart budgeting, however, can dramatically improve this aspect of your life. The Credit Counseling Professionals at the ACC argue that budgeting is, “not just a spending plan; it’s a communication tool. Done right, a budget can bring the two of you closer together as you identify and work towards common goals.”
Financial stress is cumulative: it builds and festers until it takes its toll on our bodies. By looking at your spending, and creating a sensible budget you can not only put dreams and financial goals in reach but also improve your relationships.